Ethereum (ETH) is a blockchain technology that runs smart contracts. People can program and run decentralized applications without worrying about downtime, censorship, fraud, or third-party interference.
Check out the official Ethereum site to learn more about Ethereum, and learn how to buy Ethereum with this guide!
This step-by-step guide was created to help you learn how to buy ETH and avoid the large transaction fees that some exchanges charge.
Disclosure: No content in this article should be taken as financial advice. Investing can be risky, so it is recommended that you consult with your accounting, legal, and tax advisors before engaging in any kind of transaction.
How to Buy Ethereum on Binance
Step 1: Create and verify your Binance Account.
If you are a U.S. resident, click here:
Go through the guided steps to set up your account. You will be required to verify your identity in order to buy Ethereum. It is a quick and simple process.
Step 2: Deposit Fiat
You will need to connect your bank account in order to buy Ethereum or buy with a debit/credit card. You will be able to buy Ethereum with your local currency. We highly recommend purchasing by connecting a bank account to avoid high fees!
Simply navigate to Buy Crypto on the top menu bar and choose one of the following:
- Bank Transfer (recommended for beginners + lowest fee)
- Credit/Debit Card (recommended for beginners)
- P2P Trading
- Third-Party Payment
Once you have chosen your preferred way to transfer fiat to your account, youรขโฌโขll simply follow the on-screen instructions and move to the next step.
Step 3: Convert Fiat to USDT
Great โ youโve successfully deposited fiat into your account! Now you will need to convert your fiat (i.e., USD, EUR, etc.) to cryptocurrency. We recommend buying USDT with your fiat. USDT is simply a token that is equivalent to the U.S. dollar. It makes it simple to purchase currencies like Ethereum and other coins in the future!
Once you purchase USDT, you are ready to start buying Ethereum!
Step 4: Buy Ethereum
Now, the moment we have all been waiting for โ buying Ethereum! Simply navigate to the รขโฌลTradeรขโฌย option on the top menu bar and choose an option:
- Convert (best for beginners)
- Classic
- Advanced
If you choose Convert you will simply type in the amount of USDT you would like to convert to ETH. Mission accomplished! You now have Ethereum.
Weโll start off by setting up all of the accounts we will need to start buying Ethereum:
How to Buy Ethereum on Coinbase
Step 1: Create and verify your Coinbase Account.
Create an account for Coinbase here:
Use the link above, and weโll both receive an extra $10 worth of Bitcoin if you fund your account with $100 or more of Bitcoin.
Go through the guided steps to set up your account. Coinbase will require you to verify your identity in order to buy Ethereum. It is a quick and simple process.
Step 2: Fund Your Account
Once your account has been verified, you must add a payment method to your account by clicking on your account name in the top-right, selecting Settings, and then selecting Payment methods in the menu. Here you can set up payment methods to buy Ethereum with a bank account, PayPal, Debit Card, or with Wire transfers:
Step 3: Buy Ethereum
In the top-right corner, click the Buy / Sell button in blue.
This will bring up the window where you can select to buy Ethereum with the payment method of your choice that you set up in the previous step. Go ahead and buy $100 of Ethereum. You will buy the rest in Coinbase Pro to avoid expensive fees!
Step 4: Go to Coinbase Pro
Transfer your purchased Ethereum to Coinbase Pro. Under ETH, go to Deposit -> Coinbase Account and type in the amount of Ethereum youโd like to transfer over. The fees on Coinbase Pro are SIGNIFICANTLY lower than Coinbase (even though the same company owns them), so we suggest using Coinbase Pro for all future buying and selling of your Ethereum.
To buy through Coinbase Pro, youโll need to wire money into your account. This can take a few days, so plan ahead.
When you have money in your account, you can buy Ethereum at the โMarketโ price or set a โLimitโ order for the amount youโd like to buy if Ethereum reaches your preferred price.
